Kryptous

Key Points

Bitcoin cash price formed a support base near $740 and bounced back against the US Dollar.

There was a break above a key bearish trend line with resistance at $790 on the hourly chart of the BCH/USD pair (data feed from Kraken).

The pair broke the $800 resistance and the 100 hourly simple moving average to gain traction.

Bitcoin cash price is positioned nicely above the $780 level against the US Dollar. BCH/USD is likely to accelerate higher towards the $850 and $880 levels.

Bitcoin Cash Price Trend

After a major downside move, bitcoin cash price found buying interest near the $740 and $750 levels against the US Dollar. The BCH/USD pair started an upward move and broke the $780 resistance. The price also broke the 23.6% Fib retracement level of the last drop from the $890 high to $740 swing low. It opened the doors for more gains and the price traded above the $800 resistance and the 100 hourly simple moving average.

More importantly, there was a break above a key bearish trend line with resistance at $790 on the hourly chart of the BCH/USD pair. The pair is currently attempting a close above the $820 resistance. Moreover, the 50% Fib retracement level of the last drop from the $890 high to $740 swing low is at $815. Therefore, once there is a close above the $815-820 resistance, the price may perhaps accelerate gains towards $850 and $860. Above this last, the price could even test the $890 high in the near term.

Looking at the chart, the price is slowly gaining momentum above the $800 level. The price may decline a few points in the short term, but it remains supported near the $800 and $780 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing positive signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 55 level.